Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here

Join Over 3 Million Real Estate Investors

Create a free BiggerPockets account to comment, participate, and connect with over 3 million real estate investors.
Use your real name
By signing up, you indicate that you agree to the BiggerPockets Terms & Conditions.
The community here is like my own little personal real estate army that I can depend upon to help me through ANY problems I come across.
Private Lending & Conventional Mortgage Advice
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

Updated over 7 years ago,

User Stats

69
Posts
19
Votes
Justin Koopmans
Pro Member
  • Investor
  • Everywhere, USA
19
Votes |
69
Posts

Would a Hard Money Lender Loan on this Situation?? Newbie ?s :)

Justin Koopmans
Pro Member
  • Investor
  • Everywhere, USA
Posted

So.. Here's the situation.

  • I've found a property I would like to purchase 
  • The bank won't loan on it because it needs some rehab
  • I would like to get a hard money loan to purchase it and fix it up
  • Then I would like to move into it and pay off the hard money loan with traditional financing.

I'm a newbie, especially to hard money, so help me understand... Is this possible with hard money? Most of the sites I have visited from BP's featured lenders page say explicitly that they will not loan on owner occupied homes. But "technically" it's not an owner occupied home right? At least during the course of the hard money loan. 

Is this an issue? If so, are there ways around this issue? 

Oh, and if anyone has any recommendations for hard money lenders that they've worked with in the past that would also be super helpful :) thanks a ton!

  • Justin Koopmans
  • Loading replies...